The aim of this study is an investigation of the joint limiting distribution of the sequence of partial sums of the positive parts and negative parts of a sequence of independent identically distributed random variables. In particular, let {Xn} be a sequence of independent identically distributed random variables with common distribution functionF, assumeFis in the domain of attraction of a stable distribution with characteristic exponent α, 0 < α ≦ 2, and let {Bn} be normalizing coefficients forF. Let us denoteXn+=XnI[Xn> 0]andXn−= −XnI[Xn<0], so thatXn=Xn+-Xn−. LetF+andF−denote the distribution functions ofX1+andX1−respectively, and letSn(+)=X1++ · · · +Xn+,Sn(-)=X1−+ · · · +Xn−. The problem considered here is to find under what conditions there exist sequences of real numbers {an} and {bn} such that the joint distribution of (Bn-1Sn(+)+an,Bn-1Sn(-)+bn) converges to that of two independent random variables (U, V). As might be expected, different results are obtained when α < 2 and when α = 2. When α < 2, there always exist such sequences so that the above is true, and in this case bothUandVare stable with characteristic exponent a, or one has such a stable distribution and the other is constant. When α = 2, and if 0 < ∫x2dF(x) < ∞, then there always exist such sequences such that the above convergence takes place; bothUandVare normal (possibly one is a constant), and if neither is a constant, thenUandVarenotindependent. If α = 2 and ∫x2dF(x) = ∞, then at least one ofF+,F−is in the domain of partial attraction of the normal distribution, and a modified statement on the independence ofUandVholds. Various specialized results are obtained for α = 2.